Economics

Curriculum > High > Clark > Social Studies

Course Description: The Introduction to Economics course presents the major concepts, institutions, and issues of the modern market system, with primary focus on the United States’ economy. The initial section of the course examines basic microeconomic and macroeconomic concepts, focusing on demand, supply, and price theory as the foundation of all economic decision making. The course progresses to cover more complex issues of macroeconomics, concluding with an examination of the world economy.
The goal of the course is for students to develop a conceptual understanding of economics and familiarity with contemporary economic issues so that they will be prepared for further study of economics and ultimately to take command over their own economic lives.

Course Standard: · To understand scarcity as the basis of economic decision making
· To understand the importance of making economic trade‐offs through exploring the concepts of opportunity costs and the production possibilities frontier
· To understand and see the dynamic connections between the laws of demand, supply, price, and equilibrium
· To see the connection of comparative advantage, specialization, and interdependence as foundation concepts
· To study the psychology of the consumer, through such concepts as elasticity of demand, consumer sovereignty, and maximizing utility
· To study the psychology of the producer, focusing on the different forms of business organization, the concept of profit, and different market structures including pure competition, differentiated competition, oligopoly, and monopoly
· To assess industry performance and explore how to improve performance through investment in technology, human capital, and research and development
· To examine the role of government in the economy
· To determine the basis on which wages are determined
· To understand the economic function of money, the role of the Federal Reserve and the banking system, and the policy dimensions of money supply and interest rates
· To discuss the major causes of the macroeconomic issues of unemployment and inflation, their relationship, and their consequences for individuals and our economy
· To define GDP and discuss it from both Keynesian and Austrian perspectives
· To understand the issues of public finance, including taxation and federal government debt
· To learn the government’s role in stabilization policy through fiscal and monetary policy
· To learn the case for international trade based on comparative advantage, specialization, and trade
·To understand the stock market and the basic principles of investing

Textbook and Supplies: Basic Economics by Thomas Sowell. Distributed by Kindle to students.
Most Wednesdays, we will discuss 2 chapters of this book until it is finished. Also, the teacher will provide the Audiobook version in mp3 format for students to listen as they read.
Economics Principles and Practices by Gary E. Clayton, PhD. This is the primary textbook we will use.
Free to Choose video series by Milton Friedman. The teacher will distribute this video series to students at the beginning of the class and they should watch it regularly.
Various videos, websites, handouts, and news articles distributed by the teacher throughout the semester
We will watch 2 or 3 movies in the semester. One is Moneyball, about how economic thought re‐shaped professional baseball team management. This is intended to illustrate how economics is not just about money, but has implications in all aspects of life. The other is Tucker: The Man and His Dream which examines the way collusion between government and established businesses can stifle entrepreneurship. If time allows, we will watch another.

Unit
Unit 1	What is economics? – Course Introduction – Overview of Supply and Demand, Tradeoffs, opportunity costs, introduction to economics terminology
Unit 2	Prices and Markets – The Role of Prices, Price Controls,
Unit 3	Price Controls
Unit 5	Industry and commerce – Profits and Losses,
Unit 7	Work and pay – Productivity, Controlled Labor Markets
Unit 6	Time and Risk – investment and speculation
Unit 13	The National Economy – National output
Unit 14	The International Economy
Unit 10	Special Economic Issues – Non‐economic values, myths about markets
Unit 11	Economic development around the world
Unit 12	History of Economic Thought

Evaluation:
Lab, Projects and Presentations	25%
Class Participation	10%
Quiz/Test	30%
Exams	25%
Homework and Attendance	10%

Grading Scale
A+	97 - 100	4.0
A	94 - 96.99	4.0
A-	90 - 93.99	3.7
B+	87 - 89.99	3.3
B	84 - 86.99	3.0
B-	80 - 83.99	2.7
C+	77 - 79.99	2.3
C	74 - 76.99	2.0
C-	70 - 73.99	1.7
D+	67 - 69.99	1.3
D	64 - 66.99	1.0
D-	60 - 63.99	0.7
F	0 - 59.99	0

Weekly Informational Knowledge Overview - (Students will know...): Begin to understand the fundamental questions “what is economics?”
The four factors of production

Weekly Procedural Knowledge Overview - (Students will be able to...): Understand a situation in which economics is hidden in a place where it was not expected.

Monday

Tuesday

Wednesday

Thursday

Friday

Main Activity / Lesson:: Introduction to the course and give out the questionnaire to examine the pre‐existing knowledge the students may have about economics

Evaluation:: NA

Vocabulary:: NA

Homework:: Read the syllabus; give the teacher a USB stick for transferring files and course information. Collect students’ email addresses.

Learning Objective:: No class

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson: Discuss opportunity cost, tradeoffs, and other basic concepts. Use the example of the doctor on the battlefield of wounded soldiers to show how the scarce resource of time is used to make smart decisions.
‐ Discuss why diamonds are more valuable than water. Make sure that students have the materials and e‐books working, distribute movies.

Evaluation:

Vocabulary:: opportunity cost, tradeoff, economics

Homework:: Read from pages 7‐16 in the textbook. Start reading Chapters 1‐ 3 in Basic Economics for the next week.

Main Activity / Lesson:: Students list some things in the world which are scarce resources with alternative uses.
‐ Discuss how supply and demand dictate price using the Florida oranges as an example. Discuss pages 7‐16 in the text beginning with the 4 factors of production: Land, Labor, Capital, and Entrepreneurship.

Evaluation:

Vocabulary: Land, Labor, Capital, Entrepreneurship

Homework:: Re‐read pages 7‐16.

Main Activity / Lesson:: Review yesterday’s lesson for the 4 factors of production. Discuss the 3 Main questions economists ask: what to produce, how to produce, for whom to produce.
‐Discuss the meaning of “society”.
End with explanation of Washington DC traffic related to the capital building height.

Evaluation:

Vocabulary:

Homework:: none

Materials / Resources (including technology)

Weekly Informational Knowledge Overview - (Students will know...): The basic consequences of price ceilings and price floors.

Weekly Procedural Knowledge Overview - (Students will be able to...): Analyze the effects of price ceilings and price floors.
Predict what happens when a price floor or ceiling is implemented.

Monday

Tuesday

Wednesday

Thursday

Friday

Main Activity / Lesson :: ‐ Discuss tradeoffs and opportunity costs. Create example using 5,000,000 watches or 20,000,000 baseball bats.
‐ Explain another country with different opportunity costs.
‐ Explain comparative advantage, absolute advantage.
‐ Discuss Adam Smith

Evaluation:

Vocabulary:

Homework:: Do questions

Main Activity:: NO CLASS – BLOCK SCHEDULE

Evaluation:

Vocabulary:

Homework:: Students should read CH 4 of the Basic Economics text.

Main Activity / Lesson: -Discuss Basic Economics Chapters 1 with the students.
‐ Discuss Basic Economics.
‐ Discuss Basic Economics.
CH 1: Do we live in a time of scarcity or abundance? Neither. Economics is not just a matter of opinion, even though economists disagree. The economic system can determine if a country is rich or poor. Some rich countries have few resources, other poor countries have many resources. CH 2: In a market economy, nobody gives orders. Gorbachev asked Thatcher question. Beachfront homes and reality. Prices are messengers. Give example of rising prices for things after a natural disaster, such as a hotel. Prices force people to share when necessary. Food supplies coming to a town after a hurricane. Prices tell producers what to do, such as cars replacing horses…horse saddles, buggies, etc. People do more for their own benefit

Evaluation:

Vocabulary:

Homework:: Read chapter 3 of Basic Economics

Main Activity / Lesson: ‐ Begin with the Hurricane example. Prices at a hurricane site and how the economy reacts. Give example of the ice and also distribute related articles.
‐ Discuss CH. 3 of Basic Economics. What happens when prices are set by law? Why do prices rise and fall? Price ceilings. Housing shortage after World War 2 due to rent control policies…Housing was wasted and not used efficiently. And so, finding an apartment was impossible. The amount of housing was the same as before the war.
Huge waiting lists under rent control. SHORTAGES and SURPLUSES are due to PRICE. After rent control ended, housing scarcity went away. No new housing is built under rent control situations. SWEDEN housing shortage. Voters didn’t understand basic economics. AUSTRALIA, NEW YORK CITY, SAN FRANCISCO, rent control apartments 1 people. Housing circulated by people at different stages of life. Individuals make these changes based on price. Old people might keep their houses. No new supply under rent control. Fewer people are willing to rent out a house when it’s under rent control. Quality goes down significantly. Construction of houses shifts to luxury homes. ECNOMIC POLICIES NEED TO BE ANALYZED BASED ON THE INCENTIVES THEY CREATE, NOT THE INTENTIONS. Landlords cannot maintain buildings. Often they are abandoned under rent control. There are homeless people while buildings are being abandoned. People sleeping outdoors on the pavement, while there are abandoned homes. Declines of quality and quantity are the result of rent controls. Landlords are not rich. There are instances of rich people getting low prices on apartments in New York to have as a second home. Homelessness more in rent control cities.

‐ 1972 gasoline shortage. Price caps. 1979 gasoline shortage. Soviet economists reported that this happened all the time in Russia. Gas stations could close early. They sell out and close.
‐ Soviet Planning Commissions had to set 20 million prices. How is that possible?
‐ Black markets: Price controls create black markets. Prices are higher to compensate for risk. Black markets include the bribe cost of bribing the politicians.

Evaluation:

Vocabulary/Key terms/topics:

Homework:: Re‐read chapter 3.

Main Activity / Lesson:: ‐ Prices set ABOVE the free market price will create a surplus. Government buys the surplus. Sometimes, 25% was bought to maintain prices. Then, they often destroyed the crops. In a time in which people were starving (the Great Depression), crops were being burned to maintain the price.
‐ Killed 6 million hogs in 1933. Destroyed crops and milk to create higher prices to help farmers. People couldn’t buy food at high prices. Government buys surplus to maintain price.
‐ Surpluses underprice floors, shortages under price ceilings.
‐ Governments spend huge money to buy surplus foods. In EU and USA.
‐ Agricultural companies support politicians. Why would it be good to make food expensive on purpose? To save family farms? The money went to big corporations. Misallocation of scarce resources which have alternative uses.
‐ Artificially low prices of medical care results in deterioration of quality. People go to doctor when unnecessary. People spend less time with doctor.

Evaluation:

Vocabulary:

Homework:: Re‐read Basic Economics Materials and study for CH3Quiz.

Materials / Resources (including technology): The Basic Economics mp3 audiobooks The textbooks Various articles printed out./dd>

Weekly Informational Knowledge Overview - (Students will know...): Basics of Cause and Effect.

Weekly Procedural Knowledge Overview - (Students will be able to...): Understand Cause and Effect relationships from the perspective of the incentives created in the economy.

Monday

Tuesday

Wednesday

Thursday

Friday

Main Activity / Lesson:: Discuss NEEDS and WANTS, Consumers and other important basic concepts.

Evaluation:

Vocabulary:: needs, wants goods, services, consumers

Homework:

Main Activity / Lesson:: CH. 4 of Basic Economics.
‐ Economics is about CAUSE AND EFFECT. It has nothing to say about philosophy, values, medical science. Japanese pilots in WW2.
Systemic interaction, not one way causation. Systemic causation.
Economics vs. the economy
‐ What is the importance of intentions? Does Greed cause high prices? What is causation? Can prices go up at will? Poor people pay more for products, for many reasons. Why? Why are these on the news so much? Intentional explanations in nature shifted to systemic explanations. Evolution
‐ Misconceptions of economics. Is economics simple? Yes. Sometimes, simple things have complex results. Earth is tilted on its axis. Gives complex results. What if the earth wasn’t tilted on its axis? People buy more at lower costs than at higher costs.
‐ Are people rational in the face of incentives? Also based on knowledge available.
Shortage of mining equipment. Kept them in storage because they were supposed to be painted red and not green. Violating rule could cause problems, 8 years in jail.
‐ Rent control did more damage than bombing.
‐ The dismal science
‐ Predictions of natural resource shortages Procedural Knowledge ‐ (Students will be able to . . . )
Understand Cause and Effect relationships from the perspective of the incentives created in the economy.
‐ Incentives matter because people will do more for them self than they will for others.
‐ Church rivalries
‐ Have the students write an assignment:
Think about a policy or rule in the world which you think creates bad incentives. What are the supposed goals of the policy? Does it achieve the goals? What are some possible benefits of the rule? What are the tradeoffs? Do the benefits outweigh the tradeoffs? In other words, what are the opportunity costs?

Evaluation:

Vocabulary:

Homework:: Review notes for the following lecture and listening quiz for 'The English Colonies'.

Main Activity / Lesson: ‐ Rent control did more damage than bombing. ‐ The dismal science ‐ Predictions of natural resource shortages Procedural Knowledge ‐ (Students will be able to . . . ) Understand Cause and Effect relationships from the perspective of the incentives created in the economy. ‐ Incentives matter because people will do more for them self than they will for others. ‐ Church rivalries ‐ Have the students write an assignment: Think about a policy or rule in the world which you think creates bad incentives. What are the supposed goals of the policy? Does it achieve the goals? What are some possible benefits of the rule? What are the tradeoffs? Do the benefits outweigh the tradeoffs? In other words, what are the opportunity costs?

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson:: Continue discussion of Chapter 4 of Basic Economics.
Collect Homework assignment.

Evaluation:

Vocabulary:

Homework:: Read the textbook pages 19‐22 and also do the writing assignment.

Main Activity / Lesson:: Discuss important things in Textbook page 19 to 22.

Evaluation:

Vocabulary:: Needs, wants, Goods, services, consumers, value, utility and wealth

Homework:

Materials / Resources (including technology): View PDF

Weekly Informational Knowledge Overview - (Students will know...): The events of Moneyball. How economic thinking shaped the way professional baseball is managed.

Weekly Procedural Knowledge Overview - (Students will be able to...): Think about different topics from an Economic standpoint.

Monday

Tuesday

Wednesday

Thursday

Friday

Main Activity / Lesson:: Teacher absent. Students just read Chapter 4 of Basic Economics

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson:: No class

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson:: Watch Moneyball

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson:: Watch Moneyball

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson:: Watch Moneyball
Finish with a discussion of Moneyball using the handout.

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology): View PDF

Weekly Informational Knowledge Overview - (Students will know...)

Weekly Procedural Knowledge Overview - (Students will be able to...)

Monday

Tuesday

Wednesday

Thursday

Friday

Main Activity / Lesson:: No class - Holiday

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson:: NO CLASS – BLOCK SCHEDULE

Evaluation:

Vocabulary:

Homework:

Main Activity / Lesson:: We will discuss Moneyball for 10 minutes. Then, we will review for the coming test. Collect Moneyball answers. Give back quizzes. Discuss pages 22‐26 of the textbook.

Evaluation:

Vocabulary:: -Productivity, specialization of labor, human capital, economic interdependence, circular flow of economic activity, factor markets, free enterprise economic.
-Discuss the questions on page 25.

Homework:: Do the questions on page 26 of the textbook.

Main Activity / Lesson:: ‐ In class do the questions on page 28.

Evaluation:

Vocabulary:

Homework:: Finish page 28 questions.

Main Activity:: -REVIEW FOR CHAPTER TEST. STUDENTS READ CHAPTER 5 OF BASIC ECONOMICS FOR TUESDAY.
‐ SHOW VIDEOS FOR THE CLASS

Evaluation:

Vocabulary:

Homework:: Study for the test on Monday.

Materials / Resources (including technology)

Weekly Informational Knowledge Overview - (Students will know...)

Weekly Procedural Knowledge Overview - (Students will be able to...)

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:: REVIEW FOR TEST

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Learning Objective:: NO CLASS – BLOCK SCHEDULE

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Learning Objective:: GIVE Test 1

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Most businesses lose money. Businesses change all the time. A&P grocery chain. Businesses change as part of a dynamic process as a result of competition under changing circumstances. The Top 500 companies are almost all different from what they were in 1980. The role of PROFIT and LOSS. New products make big money, but attract competition. A&P was efficient because costs were lower. But changing conditions made this happen. After World War 2, cars were invented and big shopping centers in suburbs replaced small stores in cities. Refrigerators and freezers in every house. People moved to California and Florida, and A&P didn’t go there. Eventually, others could make lower prices. The economy as a whole did not suffer from the decline of A&P. Other companies have died that were big. Graphlex was a huge camera company. Typewriter companies went out of businesses, newspapers. How does society as a whole benefit? Consumers benefit from this. This is a better allocation of scarce resources. Why are LOSSES IMPORTANT?

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ The advantage of price coordinated economies is that it can take advantage of knowledge and insights. The competitive advantage of those who get answers right can make huge difference. Knowledge and insights are shared very largely. People purchased more each time. Government run economies do not have this advantage. Those at the top do not listen. But in a price economy, companies must adapt or die. JC Penney was from small town and poor, but changed retail. In price‐coordinated economies, small people with big ideas can change the world through the market.
‐ In a price‐coordinated economy, each person focuses on each task. In central planning, the information is not shared.
‐ What about when prices cannot adjust?
‐ Oil prices fluctuate at all times. Nobody can plan this. All the information must be shared.
‐ Bank of Italy became Bank of America. Started for Italians.
‐ The role of profits. Are they “overcharge”? Is profit bad?
‐ What do businesses do when prices are cut? Competition makes others stronger.
‐ If profit is eliminated, won’t things be cheaper? If a company does not innovate, it will die. HINDUSTAN MOTOR COMPANY as a counter example. INTEL is an example.
PROFIT IS THE PRICE PAID FOR EFFICIENCY.
‐ SHOW VIDEO OF WAL_MART
‐ Many people have misunderstood the role of profits. Are profits because of greed?
‐ Many people who became rich do so as a result of charging LOWER prices. Ford, Walton, Rockefeller, Gates, etc.
‐ How high is the average rate of profit? Actually, it’s only about 6% to 13%.
‐ Give Quiz

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology)

State of Minnesota Standards Covered

View PDF

Weekly Informational Knowledge Overview - (Students will know...): How prices affect the allocation of resources.
The role of profits in an economy.
The importance of economics of scale.

Weekly Procedural Knowledge Overview - (Students will be able to...): Defend the importance of middle men in the economy.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: In a price‐coordinated economy, each person focuses on each task.
In central planning, the information is not shared.
What about when prices cannot adjust?
Oil prices fluctuate at all times. Nobody can plan this. All the information must be shared.
Bank of Italy became Bank of America. Started for Italians.
The role of profits. Are they “overcharge”? Is profit bad?
What do businesses do when prices are cut? Competition makes others stronger.
If profit is eliminated, won’t things be cheaper? If a company does not innovate, it will die. HINDUSTAN MOTOR COMPANY as a counter example. INTEL is an example.

PROFIT IS THE PRICE PAID FOR EFFICIENCY.
Many people have misunderstood the role of profits. Are profits because of greed? Many people who became rich do so as a result of charging LOWER prices. Ford, Walton, Rockefeller, Gates, etc. How high is the average rate of profit? Actually, it’s only about 6% to 13%.

ECONOMIES OF SCALE

Evaluation:

Vocabulary:

Homework:

NO CLASS – BLOCK SCHEDULE

Learning Objective:

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: Start chapter 2 of the textbook. Discuss the 3 different types of economies:
1. Traditional
2. Command
3. Market

Discuss the 7 Goals of an economy:
1. Economic Freedom
2. Economic Efficiency
3. Economic Equity
4. Economic Security
5. Full Employment
6. Price Stability
7. Economic Growth

Evaluation:

Vocabulary:

Homework:: Study for the quiz. Also, write about what you think the goals of a society’s economy should be.

Learning Objective:

Language Objective:

Main Activity:: ECONOMIES OF SCALE
Why are there traffic jams? Prices do not fluctuate.
Middlemen. Can change the quantities sold.

Poor countries tend to have more middlemen. Why? Things should be done by the most productive performer. Give example of Transportation being outsourced to Fedex.

Inventory holding costs Reliability is a factor in inventory costs

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: Discuss how banks are middlemen in an economy, coordinating between borrowers and lenders.

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...): What monopolies are and how they are created, also why monopolies are bad for society.

Weekly Procedural Knowledge Overview - (Students will be able to...): Explain how monopolies are formed and why it is important to prevent them.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss Chapter 7 and 8 of Basic Economics. Give quiz to students.
‐ Cartels and Monopolies. How are monopolies bad? Give an example of a monopoly. It can be a big business or a small business.
Why are monopolies so hard to create?
Sometimes, monopoly rights were given to certain businesses.
What is a monopoly? Is it someone who is unfairly competing? Is it a big company? How are low prices detrimental to competitors? A&P was called a monopoly by the government. Market share is not important for a monopoly. Shouldn’t price go up in a monopoly? ALCOA was prosecuted. How can substitute products affect monopoly position

Evaluation:

Vocabulary:

Homework:: Re‐read Chapter 7 and 8 of Basic Econ

NO CLASS – BLOCK SCHEDULE

Learning Objective:

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss Chapter 8 of Basic Economics.
‐ Businesses can rise and fall based on surrounding economic situations. McDonalds rose due to the rise of automobiles. White Castle vs. McDonalds.
‐ Leadership is important in a business
‐ Knowledge is the scarcest resource. The right type of knowledge is most important. Not generalities.
‐ Even the smartest people together cannot be smarter than the market.

Evaluation:

Vocabulary:

Homework:: Study for the quiz on chapter 7 and 8

Learning Objective:

Language Objective:

Main Activity:: ‐ Give the quiz on chapter 7 and 8 Evaluation: Vocab:

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss the concept of “creative destruction” and how the economy can be changed and destroy old industries as new ones are created.

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology)

State of Minnesota Standards Covered

View PDF

Weekly Informational Knowledge Overview - (Students will know...)

Weekly Procedural Knowledge Overview - (Students will be able to...)

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: We will watch the “Free To Choose” video about Hong Kong’s economy.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – BLOCK SCHEDULE

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Review the Chapter 2 Materials and also Chapters 5,6,7,8 of Basic Economics.
‐ Discuss the Free to Choose video.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Give Test 2.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: No Class _ SPAS Olympics.

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology)

State of Minnesota Standards Covered

View PDF

Weekly Informational Knowledge Overview - (Students will know...): · The difference between a sole proprietorship and partnership
· The strengths and weaknesses of different structures

Weekly Procedural Knowledge Overview - (Students will be able to...): · Analyze the different business structures and give examples of different kinds of business organizations.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:: ‐ We start Chapter 3 of the textbook today on page 54 of the textbook.
· Sole proprietorships. For simple businesses. They are highly profitable compared to other businesses. They are more flexible than other businesses. The weakness of a sole proprietorship is that there is unlimited personal liability for problems. If the business fails then the owner could lose everything. Discuss the strengths and weaknesses.
· Partnerships. Partnership is owned by 2 or more people. There is the general partnership, which means that the owners all help manage the company. A limited partnership has one of the partners managing the company; the other partners may have invested money in the operation. To make the partnership, there needs to be an “Articles of Partnership” in order to make the deal between the partners and decide who does what. The strength is that the partners can combine their advantages to make a strong team together. The weakness is that partners are personally liable for the losses. Also, the partners may fight with each other or disagree which can cause the partnership to fail.

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:: Read Chapter 3

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss the strengths and weaknesses of Sole proprietorships and partnerships.
‐ Why would someone be in a stronger position to remain as a sole proprietorship, etc.

Evaluation:

Vocabulary:

Homework:: Read Chapter 3

NO CLASS – BLOCK SCHEDULE

Learning Objective:

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss corporations and limited liabilities. Discuss the basics of corporate structure and governance. Board of Directors, CEO, etc.

Evaluation:

Vocabulary:

Homework:: Read Chapter 3 of the book.

Learning Objective:

Language Objective:

Main Activity:: ‐ Continue discussion of corporate structure

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology): Textbook only.

State of Minnesota Standards Covered

View PDF

Weekly Informational Knowledge Overview - (Students will know...): The different kinds of business organizations and the strengths, weaknesses, and purposes of each.

Weekly Procedural Knowledge Overview - (Students will be able to...): Differentiate between different kinds of mergers and acquisitions and business types.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ Distribute the assignment students will do in which they profile a major economist of the last 3 centuries. This will be a significant part of their grades.

Evaluation:

Vocabulary:

Homework:: Choose which economist they will profile.

Learning Objective:: NO CLASS – BLOCK SCHEDULE.

Language Objective:

Main Activity:

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss mergers and acquisitions. Vertical mergers vs. Horizontal.
Then, the Procedural Knowledge them.

Evaluation:

Vocabulary:

Homework:: Questions on page 65.

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss conglomerates. What they are, give some examples of them.
‐ Also discuss multinationals.

Evaluation:

Vocabulary:

Homework:: Questions on page 67.

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss non‐profit organizations and how they work. Use the Catholic church as an example of the structure and the purpose of them.
‐ Then, discuss cooperative associations (Co‐Ops)

Evaluation:

Vocabulary:

Homework:: Questions on page 71.

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...): Review Chapter 3 Material in preparation for the test.

Weekly Procedural Knowledge Overview - (Students will be able to...): Study and review for the exam.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss the importance of professional and business organizations, the role of government, direct and indirect.

Evaluation:

Vocabulary:

Homework:: Questions on page 72.

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – BLOCK SCHEDULE

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Review for Exam on Friday about Chapter 3.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Continue EXAM REVIEW

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: TEST ON CHAPTER 3

Evaluation:

Vocabulary:

Homework:: No homework.

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...): They will know the history of the Tucker car company and how government and competitors kept it out of the market.

Weekly Procedural Knowledge Overview - (Students will be able to...)

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ Pass back last week’s test and review it with the students

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Start watching the movie “Tucker, The Man and His Dream”

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – BLOCK SCHEDULE

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Continue watching “Tucker, The Man and His Dream”.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss the movie Tucker.
‐ Students will write a 3 page response for a test grade.

Evaluation:

Vocabulary:

Homework:: Write 3 page response to Tucker.

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...)

Weekly Procedural Knowledge Overview - (Students will be able to...)

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: Students will do their economist profiles and presentations.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: Students will do their economist profiles and presentations.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: NO Class _ block schedule

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: Students will do their economist profiles and presentations.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: Students will do their economist profiles and presentations.

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...): The main economic indicators to measure an economy’s general health.

Weekly Procedural Knowledge Overview - (Students will be able to...): Give a general idea of what can be done in an economic downturn.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss the assignment where students will do a profile of a national economy in the world.

Evaluation:

Vocabulary:

Homework:: Choose a country to write about.

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – BLOCK SCHEDULE

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss KEY ECONOMIC TERMS WHICH WILL BE ON THE REPORT.
‐ SEE HANDOUT.
‐ GDP, Gini Index, Inflation, Unemployment, etc.
‐ See handout Writing Project 2. This is what we will do all week long.

Evaluation:

Vocabulary:

Homework:: Work on essay project.

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss KEY ECONOMIC TERMS WHICH WILL BE ON THE REPORT.
‐ SEE HANDOUT.

Evaluation:

Vocabulary:

Homework:: Work on essay project.

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss KEY ECONOMIC TERMS WHICH WILL BE ON THE REPORT.
‐ SEE HANDOUT.

Evaluation:

Vocabulary:

Homework:: Work on essay project.

Materials / Resources (including technology)

State of Minnesota Standards Covered

View PDF

Weekly Informational Knowledge Overview - (Students will know...)

Weekly Procedural Knowledge Overview - (Students will be able to...): How to use Google Data to find economic indicators and graphs they need for their projects.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ Students can work on their projects.
‐ Introduce students to the Google Data website for their project.

Evaluation:

Vocabulary:

Homework:: Work on essay project all week.

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – BLOCK SCHEDULE.

Evaluation:

Vocabulary:

Homework:: Work on essay project all week.

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – FIELD TRIP TO VILLA ESCUDERO.
Students who don’t go Procedural Knowledge ‐ (Students will be can work on their projects.

Evaluation:

Vocabulary:

Homework:: Work on essay project all week.

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – FIELD TRIP TO VILLA ESCUDERO.
Students who don’t go can work on their projects.

Evaluation:

Vocabulary:

Homework:: Work on essay project all week.

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – FIELD TRIP TO VILLA ESCUDERO.
Students who don’t go can work on their projects.

Evaluation:

Vocabulary:

Homework:: Work on essay project all week.

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...): THEY WILL SEE THEIR CLASSMATES
PRESETATIONS AND LEARN INFORMATION
ABOUT THE ECONOMIES OF DIFFERENT
COUNTRIES AROUND THE WORLD.

Weekly Procedural Knowledge Overview - (Students will be able to...): Give a speech to their classmates with a presentation and answer difficult questions from the teacher.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: STUDENTS WILL GIVE THEIR PRESENTATIONS ABOUT NATIONAL ECONOMIES OF THE WORLD.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: STUDENTS WILL GIVE THEIR PRESENTATIONS ABOUT NATIONAL ECONOMIES OF THE WORLD.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: NO Class _ Block Schedule

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: STUDENTS WILL GIVE THEIR PRESENTATIONS ABOUT NATIONAL ECONOMIES OF THE WORLD.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: STUDENTS WILL GIVE THEIR PRESENTATIONS ABOUT NATIONAL ECONOMIES OF THE WORLD.

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...): The importance and nature of demand elasticity.

Weekly Procedural Knowledge Overview - (Students will be able to...): Determine whether a product would have elastic or inelastic demand.
Determine the price which is most profitable for sale.

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss price ELASTICITY, CHAPTER 4 in DETAIL.

Evaluation:

Vocabulary:

Homework:: Questions on page 100‐101

Learning Objective:

Language Objective:

Main Activity:: NO CLASS – BLOCK SCHEDULE.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: ‐ Discuss the total receipts test, why some products are elastic while others are not, the causes and effects of demand elasticity.
‐ The substitution effect, the income effect, diminishing marginal utility, inelastic demand, etc.
‐ Students need to know the determinants of demand elasticity.

Evaluation:

Vocabulary:

Homework:: Questions on page 100‐101

Learning Objective:

Language Objective:

Main Activity:: REVIEW FOR THE FINAL EXAM.

Evaluation:

Vocabulary:

Homework:: DO THE REVIEW QUESTIONS AT THE END OF CHAPTER 4.

Learning Objective:

Language Objective:

Main Activity:: REVIEW FOR THE FINAL EXAM.

Evaluation:

Vocabulary:

Homework:: DO THE REVIEW QUESTIONS AT THE END OF CHAPTER 4.

Materials / Resources (including technology)

State of Minnesota Standards Covered

Weekly Informational Knowledge Overview - (Students will know...): FINAL EXAM

Weekly Procedural Knowledge Overview - (Students will be able to...)

Monday

Tuesday

Wednesday

Thursday

Friday

Learning Objective:

Language Objective:

Main Activity:: ‐ EXAM REVIEW ALL CLASS.
‐ WILL GIVE THE STUDENTS A GOOD REVIEW OF THE MATERIAL
WHICH IS ON THE TEST SPECIFICALLY.

Evaluation:

Vocabulary:

Homework:: Study for the exam.

Learning Objective:

Language Objective:

Main Activity:: FINAL EXAM

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: FINAL EXAM

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: NO SCHOOL. HOLIDAY.

Evaluation:

Vocabulary:

Homework:

Learning Objective:

Language Objective:

Main Activity:: FINAL EXAM

Evaluation:

Vocabulary:

Homework:

Materials / Resources (including technology)

State of Minnesota Standards Covered

View PDF

Saint Paul American Schools

Economics

Unit

Evaluation:

Grading Scale:

Important Note: